Unit 1- Into to Economics

The best definition of a need is...

• something essential for life that you must have to survive

• something not essential for life that you do not have to have to survive

Air, shelter, and food are all examples of ______________

• needs

• wants

Tags

CCSS.L.1.5A

CCSS.L.1.5B

CCSS.L.K.5A

What is a want?

• A person
• Something you would like to have but don't need to live
• Purple
• Something you need to live

Tags

CCSS.RI. 9-10.2

CCSS.RI.11-12.2

CCSS.RL.11-12.2

CCSS.RL.8.2

CCSS.RL.9-10.2

Why do all societies have to make decisions about how resources will be used?

• People are greedy

• There are not enough resources for those who want them

• Resources are too expensive for most people

• Because there is a huge gap between the rich and poor

Economics is the study of how people seek to satisfy their needs and wants by making choices

• True

• False

Scarcity forces us to make economic decisions

• True

• False

These are the things we desire to have.

• Wants

• Goals

• Opportunity Costs

When "wants are greater than the resources available to satisfy them," it is called...

• Scarcity

• Needs

• Opportunity Cost

• None of these answers

Because of scarcity, people are forced to make _________ about how to use resources.

• Choices

• Opportunities

• Houses

• Desires

When you make a choice, you often have to give up other options...those things are called the...

• Opportunity Cost

• Missed Opportunities

• Misused Resources

• Scarce Options